Florida's insurance regulator to back policies over fears 17 insurers will be forced to cease operations

A day after an insurance rating agency delayed an announcement that might have forced 17 property insurance companies to cease writing business in the state, the Florida Office of Insurance Regulation announced a plan creating a temporary reinsurance program through Citizens Property Insurance Corp.

The plan, according to a Wednesday, July 27, statement from the state’s insurance regulator, was put in place “in the event of disruptive financial ratings downgrade from Demotech Inc.”